Shiba Inu Price is Up 20% to $0.00001139 This Week - Is This the Best Coin to Buy in Crypto Right Now?
Shiba Inu price is keeping the meme coin hype live with its massive rally this week, netting 20% in gains. The second-most popular meme coin has slowed down its aggressive push from support at $0.000008 to new 2023 highs of $0.00001291.
Following the minor retracement, SHIB currently trades at $0.00001140. If investors continue to cash out for profit, Shiba Inu may be forced to seek refuge at $0.00001050 ahead of another potentially massive rally to $0.000014 and $0.000018, respectively in the coming week.
Despite the dip in price, SHIB was earlier today the most traded token among the top 100 Ethereum whales. According to WhaleStats, a platform tracking crypto whales, Shiba Inu toppled Curve DAO (CRV) from the top position, implying that interest in the meme coin is growing.
WhaleStats data revealed that Shiba Inu was one of the most used smart contracts among the top 100 Ethereum whales over 24 hours. Hashflow (HFT) emerged top in this category, above Numeraire (NMR), SHIB, Chiliz (CHZ), and Boba Network (BOBA).
The 15th largest crypto, boating $6.7 billion in market cap, tested but failed to break above resistance at the 200-day Exponential Moving Average (EMA) (in purple) at $0.00001182. Bulls tried their best to make their way through the seller congestion zone, reinforced by the red band, but only managed a long candle wick.
Despite the spike in activities among the whales, as seen with WhaleStats, the velocity of funds flowing into Shiba Inu markets is slowing down. Notice the Money Flow Index (MFI) indicator starting to drop toward the neutral zone.
With the hurdle at $0.00001182 intact, bulls may want to let go of Shiba Inu so that they can buy again possibly at $0.00001050. Such a retracement should not worry
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